XRP investor receives SEC SUBPEONA, Stellar XLM gains on MoneyGram Advent Deal Rumor, Ripple TEST

At a recent event, crypto policy scholars discussed the Security and Exchange Commission’s lawsuit against fintech startup Ripple and how the case amounted to “regulation by enforcement.” They suggest that the abrupt decision was an attempt by the SEC to sidestep Congress for the needed procedural step to clarify the SEC’s authority in statute. The abrupt determination, after 7 years, that Ripple’s XRP payment protocol and distributed ledger is not a currency but rather a security, has caused many currency exchanges to delist XRP and XRP holders have lost billions of dollars in value. It is hardly the first time that a regulatory agency has overstepped its authority, causing widespread damage to markets, innovators, and consumers. The SEC justified its action under the so-called Howey Test, which comes from a 1946 Supreme Court case which defines the meaning of an “investment contract” within the Securities Act of 1933. Admittedly vague, the Howey Test defines securities as invested contracts dependent on the efforts of others. The scholars suggested that the SEC itself needs a “Ripple Test”, a set of clear, transparent, and objective guidelines on whether an asset like cryptocurrency is a security.

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XRP investor receives SEC SUBPEONA, Stellar XLM gains on MoneyGram Advent Deal Rumor, Ripple TEST

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